IPPB will be available through 650 branches and 3,250 access points immediately and will be scaled to all 1.55 lakh post offices by December 2018.
Prime Minister Narendra Modi on Saturday launched India Post Payments Bank (IPPB) that aims to take banking to the doorstep of every Indian citizen through the vast network of post offices in the country. The payments bank of Indian postal department arm three lakh postmen and 'Grameen Dak Sewaks' with digital aids to deliver financial services.
Launching the service, Modi said with e-mails taking over inland letters, many thought technology had threatened the existence of the postal department and that postmen would lose their livelihood.
"(The growing pace of) technology (in communication) threw a challenge. We used technology as a base to turn that challenge into an opportunity," he added.
Noting that the postman has a special place in Indian movies and literature, he said the 'daakiya' (postman) not only delivered letters, but also read them out to the families who were not literate, and even replying to the letters on their behalf.
IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk.
The IPPB will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can't offer loans directly, or issue credit cards.
1. Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) on Saturday in New Delhi
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Launching the service, Prime Minister Narendra Modi said with e-mails taking over inland letters, many thought technology had threatened the existence of the postal department and that postmen would lose their livelihood.
"(The growing pace of) technology (in communication) threw a challenge. We used technology as a base to turn that challenge into an opportunity," he added.
(Photo: PTI)
2. Postman has a special place in Indian movies and literature, PM said
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PM Modi said the 'daakiya' (postman), who has a special place in Indian movies and literature, not only delivered letters, but also read them out to the families who were not literate, and even replying to the letters on their behalf.
(Photo: PTI)
3. PM Modi said postmen, in thier new avatar, will not only be bankers but also digital teachers
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"We have heard song 'Dakiya dak laya'. From now, along with dakiya dak laaya, dakiya bank bhi laaya... Dak sewaks will not only help in digital transactions but will also provide training to people so they can themselves carry out digital transactions from their phones," Modi said.
(Photo: PTI)
4. IPPB will take banking to every nook and corner of the country, PM said
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"Through India Post Payments Bank (IPPB) we will reach to every nook and corner of the country. Bank and banking services will be available at every person's doorstep," Modi said.
(Photo: PTI)
5. Communications Minister Manoj Sinha gives out details
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Communications Minister Manoj Sinha said deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.
IPPB has permission to link around 17-crore postal savings bank (PSB) accounts with its own setup. Sinha said there are about 1.4 lakh bank branches and nearly 50,000 of them are in villages, which face a challenge in reaching the unbanked.
(Photo: PTI)
6. Uttar Pradesh Chief Minister Yogi Adityanath during the launch of "India Post Payments Bank" (IPPB), in Varanasi on Saturday
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IPPB will offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.
(Photo: PTI)
7. Indian post office employees help customers for opening new post office bank account India Post Payment Bank in Siliguri
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IPPB -- which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018 -- is like any other bank but with smaller scale of operations and without involving any credit risk.
(Photo: AFP)
8. There are over three lakh postmen across 1.55 lakh post offices in the country
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The freshly-minted payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can't offer loans directly, or issue credit cards.
(Photo: AFP)
9. Postal staff look on during the launch of India Post Payments Bank (IPPB), in New Delhi on Saturday
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Of the 1.55 lakh post offices, about 1.30 lakh are located in rural areas. IPPB is keen on tapping this network for expanding its efforts of financial inclusion and providing banking services to hitherto untapped market.
(Photo: PTI)
10. Beneficiaries display their digital QR code at the launch of India Post Payments Bank (IPPB), in Chennai on Saturday
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IPPB will leverage tech platforms, to the hilt -- it will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.
(Photo: PTI)
11. Union Minister Nitin Gadkari speaks during the launch of "India Post Payment Bank" (IPPB), in Nagpur
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IPPB will also facilitate digital transactions and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.
(Photo: PTI)
